Middle Eastern Banks Slow in Embracing Fintech Despite Customers Keenness

Middle Eastern Banks Slow in Embracing Fintech Despite Customers Keenness

In the Middle East, despite customers' willingness to adopt innovative fintech solutions, banks are still reluctant in integrating fintechs into their strategy, with most choosing to follow a "wait and see" approach, according to a new report by Deloitte.. In terms of actual adoption, the study found that 22% of customers had used at least one fintech solution for their banking needs in the past.. Reasons why Middle East banking customers use a fintech solution, Source: Deloitte survey March 2020. Peer-to-peer (P2P) money transfers (39%) and account aggregation (39%) were found to be the two most popular fintech solutions/features.. Besides P2P money transfer and account aggregation, other popular fintech solutions and features in the Middle East include robo-advice (19%), connected auto insurance (19%) and connected health (15%).. Popular fintech solutions/features according to banking customers in the Middle East, Source: Deloitte survey March 2020. Appetite to adopt fintech solutions was the highest in Saudi Arabia because banking customers there were the most exposed to innovative solutions outside the banking sector.. Despite customers' willingness to adopt innovative, digital solutions, banks in the region have been slow in embracing fintech and have failed to leverage the full suite of fintech solutions to address